Stock Code: 000539 Stock Abbreviation: Yue Dian Li A Announcement No.:2010--18
Guangdong Electric Power Development Co., Ltd.
The First Quarterly Report 2010
§I Important Statement
1.1 The Board of Directors, Supervisory Committee, Directors , Supervisors, Senior Executives of the Company hereby warrant that there are no misstatement, misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
1.2 Other directors attended the meeting on examining the Annual except for the following directors.
Name absent director
Title
Reason of absence
Name of entrusted
Hong Rongkun
Director
Due to business
Li Zhuoxian
Zhong Weimin
Director
Due to business
Liu Qian
Yang Xuanxing
Director
Due to business
Lin Shizhuang
Wu Bin
Director
Due to business
Zhang Yao
Wu Xu
Director
Due to business
Sha Qilin
Yang Zhishan
Independent Director
Due to business
Sha Qilin
Zhu Weiping
Independent Director
Due to business
Guo Yinhua
1.3 The financial report of the Company in this Quarterly report period has not been audited.
1.4 Chairman of the Board of Directors, Pan Li, General Manager, Lin Shizhuang , Financial Deputy General Manager, Li Xiaoqing and Financial Manager ,Liu Xuemao represent and warrant the financial and accounting report in the Quarterly report is true and complete.
English translation for reference only. Should there be any inconsistency between the Chinese and English versions, the Chinese version shall prevail.
§2 Basic Information
2.1 Main accounting Highlights and financial indexes
Unit：RMB
At the end of the report period
At the end of the last year
Increase/decrease of the end of report period than that of the end of the last year(%)
Total assets
31,237,120,511.30
30,163,552,152.00
3.56%
Owner’s equity attributable to the parent company
9,519,686,667.54
9,271,838,984.00
2.67%
Stock capital
2,659,404,000.00
2,659,404,000.00
Net assets per share attributable to the parent company
3.58
3.49
2.58%
Amount of current period
Amount of the same period in
Increase /decrease（％） 1last year
Total turnover
3,139,514,816.06
2,479,917,477.67
26.60%
Net profit attributable to owners of parent company
271,049,937.51
51,244,866.05
428.93%
Net cash flow arising from operating activities
993,442,742.41
1,024,599,918.44
-3.04%
Net cash flow per share arising from operating activities
0.37
0.39
-5.13%
Basic earnings per share
0.102
0.02
410.00%
Diluted earnings per share
0.102
0.02
410.00%
Return on net assets
2.88%
0.58%
2.30%
Return on net assets after deducting non-recurring gains and losses
2.83%
0.55%
2.28%
Items of non-current gains and losses
Year begin to end of report period
government grant income
619,017.47
Income of commission loans
4,830,042.20
Non-operating expenses and Non-operating income
-359,490.56
Total
5,089,569.11
Explanation Items of non-current gains and losses：
Regarding the income from entrusted loan, the Company collected interest for the loan extended by Industrial Bank to Weixin Yuntou Zhaxi Energy Company and Lincang Yuntou Yuedian Hydroelectricity Development Company, extended by China Construction Bank to Guangdong West Holding Investment company, and extended Guangdong Yuedian Finance company to Shanxi Yuedian Energy company for the first quarter of 2010.
2.2 Total number of shareholders in the end of the report period and shares held by the top ten shareholders with unrestricted conditions
Unit：shares
Total number of shareholders in the end of the report period
150,624
Share held by the top ten shareholders with unrestricted conditions
Name of shareholder
Amount of unrestricted shares held
Type of shares
Guangdong Yudean Group Co., Ltd.
1,232,256,158
RMB common shares
Shenzhen Guangfa Electric Power Investment Co., Ltd.
101,777,185
RMB common shares
Guangdong Electric Power Development Company
78,639,451
RMB common shares
China Xinda Asset Management Company
41,528,000
RMB common shares
Guangdong Guangkong Group Co., Ltd.
23,610,428
RMB common shares
China Industrial and Commercial Bank of China -Penghua Quality Management Equity Securities Investment Fund (LOF)
18,956,847
RMB common shares
China Merchants Bank－Everbright Prarnerica Configuration advantages Stock Securities Investment Fund
17,480,483
RMB common shares
SCHRODER INTL SELECTION FD-GREATER CN FD GTI 25287
17,176,623
Foreign shares placed in domestic exchange
Bank of China - Yi Fangda Shenzhen 100 exchange-traded index securities investment funds
12,811,123
RMB common shares
Naito Securities Co., Ltd.
12,589,642
Foreign shares placed in domestic
2exchange
2.3 Bond holding by top 10 corporate bond holders
Unit：Share
Holder
Number
China Pacific Life Insurance Co., Ltd.－Universal－Universal insurance Group
2,450,000
China Life insurance Co., Ltd
2,388,140
Xinhua Life insurance Co., ltd.－Universal－Deyi Management -018L-WN001Shen
2,200,000
Zhongying Life insurance Co., ltd.
2,114,775
China Post Office Saving Bank Co., Ltd.
2,000,000
China Ping An Life Insurance Co., Ltd.
1,600,000
Zhongyou Financial Co., Ltd
1,336,678
Taikang Life insurance Co., Ltd－Dividend Distribution－Group Dividends-019L-FH001Shen
1,000,000
Taikang Life insurance Co., Ltd－Universal--Universal individual insurance
1,000,000
China Ping An Insurance (Group) Co., Ltd.
800,000
2.4 The power output and on－grid electricity volume of the controlled subsidiaries of the Company
Index
Year begin to end of report
Period of the last year
Increase（±%）
Shajiao Power Plant A
20.73
14.26
45.37%
Zhangjiang Power plant
19.61
12.97
51.20%
Guangdong Yuejia Power Co., Ltd.
6.93
5.66
22.44%
Guangdong Shaoguan Yuejiang Power Co., Ltd.
8.05
7.89
2.03%
Maoming Zhenneng Thermoelectric .Co., Ltd
9.62
6.26
53.67%
Guangdong Yudean Jinghai Power Co., Ltd.
12.86
13.64
-5.73%
Power output(Billion kwh)
Guangdong Yudean Zhanjiang Wind Power Co.,Ltd.
0.22
－
－
Shajiao Power Plant A
19.28
13.11
47.06%
Zhangjiang Power plant
18.44
12.01
53.54%
Guangdong Yuejia Power Co., Ltd.
6.32
5.14
22.96%
Guangdong Shaoguan Yuejiang Power Co., Ltd.
7.28
7.12
2.25%
On－grid Electricity volume(billion kwh)
Maoming Zhenneng Thermoelectric .Co., Ltd
8.90
5.73
55.32%
3Guangdong Yudean Jinghai Power Co., Ltd.
12.01
12.73
-5.66%
Guangdong Yudean Zhanjiang Wind Power Co.,Ltd.
0.21
－
－
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and financial index and its reason.
√ applicable □ not applicable
1. Investment income increased by 99.47% year on year mainly because provision was madefor the earnings of Guangdong Yuedian ship Company and Guangdong Red Bay Electric power Company increased year on year.
2. Net profit increased 428.93% year on year mainly due to growth in electricity demand, and operating income and investment income increase year on year.
3.2 Analysis and explanation of significant events and their influence and solutions
□ applicable √not applicable
3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controller
√ applicable □ not applicable
Commitments
Acceptors
Description
Implementation
Commitment of Share structure reform
Commitment of Share conditional subscription
Guangdong Yudean Group Co., Ltd
The company issued No. 2008-46 Announcement of purchase of the Company’s Shares by the Controlling Shareholder and its persons Taking concerted action on September 19, 2008. couldn't reduce the shareholding of our company during the implementation and legal term.
Under fulfillment
Commitments made in Acquisition Report or Reports on Change in interests
No
No
No
Commitments made in Material assets Reorganization
No
No
No
Commitments made in issuing
No
No
No
Other commitments（Including: supplementary commitments）
No
No
No
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change compared with the corresponding period of the last year and explanation of reason.
□ applicable √not applicable 43.5 Major events needs to be explained
3.5.1 Investment in securities
√applicable □not applicable
Stock Code
Stock abbreviation:
Investment amount at the beginning (yuan)
End of holdings (shares)
Book Value at the end of report (yuan)
Proportion of total investment securities(%)
Change of owner’s equity in the report period(yuan)
000027
Shen Energy A
15,890,626.73
7,000,000.00
92,120,000.00
18.98%
-2,800,000.00
600642
SHENERGY
235,837,987.50
37,021,500.00
393,168,330.00
81.02%
-28,136,340.00
Total
251,728,614.23
-
485,288,330.00
100%
-30,936,340.00
3.5.2 Reception of investigations , communications , or interviews
Reception
Place
Mode
Object
Discussion issue and offered information
March 5,
2010
Office of the Company
Onsite investigation
Client of Zhongji Company
The production and operation status of the Company in the current period
March 18,
2010
Office of the Company
Onsite investigation
XingYe Securities
The production and operation status of the Company in the current period
March 31,
2010
Office of the Company
Onsite investigation
XinDa Securities
The production and operation status of the Company in the current period
3.5.3 Explanation of other significant events
□ applicable √not applicable
§4 Appendix
4.1 Balance sheet（Domestic statement）
Prepared by Guangdong Electric Power Development Co., Ltd. March 31,2010 Unit：RMB
Amount of period-end
Amount of period-begin
Items
Consolidation
Parent Company
Consolidation
Parent Company
Current assets：
Monetary funds
1,982,733,585.61
79,931,793.33
1,738,834,186.00
287,691,522.00
Settlement provisions
Capital lent
Transaction finance assets
Bill receivable
Accounts receivable
1,618,274,671.50
484,907,059.33
1,328,275,383.00
361,710,774.00
Accounts in advance
1,112,044,500.59
178,302,453.00
795,193,073.00
178,040,453.00
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance receivable
Interest receivable
786,250.00
786,250.00
5Dividend receivable
9,155,095.59
9,155,096.00
Other receivables
562,250,318.59
587,860,100.08
561,044,511.00
546,865,973.00
Purchase restituted finance assets
Inventory
732,451,794.34
162,566,284.59
736,134,391.00
179,038,694.00
Non-current assets due within one year
Other current assets
705,307.51
Total current assets
6,009,246,428.14
1,502,722,785.92
5,160,267,794.00
1,562,502,512.00
Non-current assets：
Granted loans and advances
Finance assets available sales
485,288,330.00
485,288,330.00
516,224,670.00
516,224,670.00
Held-to maturity securities
Long-term account receivable
20,619,670.40
20,619,670.40
20,619,671.00
20,619,671.00
Long-term equity investment
4,716,144,794.05
11,040,451,425.02
4,624,042,593.00
10,473,349,226.00
Investment property
13,218,319.25
13,218,319.25
13,376,477.00
13,376,477.00
Fixed assets
11,984,977,879.57
1,326,798,651.08
12,021,342,945.00
1,375,315,512.00
Construction in progress
5,429,223,805.47
52,982,997.89
5,295,247,439.00
45,469,174.00
Engineering material
1,998,664,978.90
1,938,313,797.00
Disposal of fixed assets
5,765,085.59
86,372.56
Consumable biological assets
Oil and gas assets
Intangible assets
369,515,213.03
113,930,286.96
373,775,735.00
114,799,984.00
Expense on research and development
Goodwill
Long-term expenses to be apportioned
Deferred income tax assets
204,456,006.90
200,341,031.00
Other non-current assets
Total non-current assets
25,227,874,083.16
13,053,376,053.16
25,003,284,358.00
12,559,154,714.00
Total assets
31,237,120,511.30
14,556,098,839.08
30,163,552,152.00
14,121,657,226.00
Current liabilities：
Short-term loans
4,668,500,000.00
2,750,000,000.00
3,816,991,742.00
2,550,000,000.00
Loan form central bank
Absorbing deposit and interbank deposit
Capital borrowed
Transaction financial liabilities
Bill payable
1,741,419,081.42
432,686,449.76
2,261,920,109.00
432,686,450.00
6Accounts payable
1,467,967,252.31
437,542,533.30
1,010,215,163.00
245,740,456.00
Accounts received in advance
3,166,021.90
185,003.00
Selling financial assets of repurchase
Commission charge and commission payable
Wage payable
302,765,607.67
102,917,721.26
228,548,750.00
79,392,279.00
Taxes payable
222,993,585.86
100,586,822.79
189,248,629.00
95,941,976.00
Interest payable
18,051,137.23
15,914,844.45
99,710,964.00
97,576,494.00
Dividend payable
11,825,613.53
6,895,946.68
12,589,226.00
7,659,560.00
Other accounts payable
724,150,803.92
87,239,164.40
820,171,127.00
113,088,577.00
Reinsurance payables
Insurance contract reserve
Security trading of agency
Security sales of agency
Long-term liabilities due within1 year
304,060,000.00
309,220,000.00
Other current liabilities
33,287,844.92
Total current liabilities
9,498,186,948.76
3,933,783,482.64
8,748,800,713.00
3,622,085,792.00
Non-current liabilities：
Long-term loans
7,330,500,000.00
7,305,340,000.00
Bonds payable
1,986,713,051.08
1,986,713,051.08
1,986,037,444.00
1,986,037,444.00
Long-term accounts payable
Special accounts payable
Projected liabilities
Deferred income tax liabilities
31,127,934.91
31,096,372.41
38,862,020.00
38,830,457.00
Other non-current liabilities
29,692,308.00
27,692,308.00
29,692,308.00
27,692,308.00
Total non-current liabilities
9,378,033,293.99
2,045,501,731.49
9,359,931,772.00
2,052,560,209.00
Total liabilities
18,876,220,242.75
5,979,285,214.13
18,108,732,485.00
5,674,646,001.00
Owner’s equity(or shareholder’s equity)：
Share capital
2,659,404,000.00
2,659,404,000.00
2,659,404,000.00
2,659,404,000.00
Capital public reserve
1,311,672,070.56
1,244,802,714.70
1,334,874,325.00
1,268,004,970.00
Less：Inventory shares
Surplus public reserve
3,159,617,943.98
3,159,617,943.98
3,159,617,944.00
3,159,617,944.00
Provision of general risk
Retained profit
2,388,992,653.00
1,512,988,966.27
2,117,942,715.00
1,359,984,311.00
Balance difference of foreign currency translation
7Total owner’s equity attributable to parent company
9,519,686,667.54
8,576,813,624.95
9,271,838,984.00
8,447,011,225.00
Minority interests
2,841,213,601.01
2,782,980,683.00
Total owner’s equity
12,360,900,268.55
8,576,813,624.95
12,054,819,667.00
8,447,011,225.00
Total liabilities and owner’s equity
31,237,120,511.30
14,556,098,839.08
30,163,552,152.00
14,121,657,226.00
4.2 Profit statement（Domestic statement）
Prepared by Guangdong Electric Power Development Co., Ltd. March 31,2010 Unit：RMB
This period
Same period of last year
Items
Consolidation
Parent Company
Consolidation
Parent Company
I. Total operating income
3,139,514,816.06
821,231,571.09
2,479,917,477.67
572,563,134.51
Including：Operating income
3,131,372,818.62
816,790,332.50
2,471,534,254.48
565,227,368.07
Interest income
Insurance gained
Commission charge and commission income
II. Total operating cost
2,828,026,908.65
746,026,494.97
2,479,614,779.09
567,578,843.51
Including：operating cost
2,582,536,751.49
655,916,913.64
2,211,056,434.09
481,850,433.53
Interest expense
Commission charge and commission expense
Cash surrender value
Net amount of expense of compensation
Net amount of withdrawal of insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Operating tax and extras
9,236,971.88
7,508,852.23
Sales expenses
8,000.00
Administration expenses
127,089,938.83
30,884,931.49
110,842,747.32
31,684,023.64
Financial expenses
105,346,287.81
55,740,149.76
141,526,992.27
47,748,705.64
Losses of devaluation of assets
Add：changing income of fair value
Investment income
98,542,258.43
98,542,258.43
49,397,316.77
49,397,316.77
8Including：Investment income on affiliated company and joint venture
98,542,258.43
98,542,258.43
49,397,316.77
49,397,316.77
Exchange income
III.Operating profit
410,030,165.84
173,747,334.55
49,700,015.35
54,381,607.77
Add：non-operating income
1,168,217.22
32,998.62
4,798.62
less：non-operating expense
525,485.32
441,863.32
638,265.07
635,265.07
including：disposal loss of non-current assets
IV. Total profit
410,672,897.74
173,305,471.23
49,094,748.90
53,751,141.32
Less：expense of income tax
81,390,042.26
20,300,817.27
1,235,320.38
1,995,206.13
V. Net profit
329,282,855.48
153,004,653.96
47,859,428.52
51,755,935.19
Net profit attributable to owner’s equity of parent company
271,049,937.51
153,004,653.96
51,244,866.05
51,755,935.19
Minority shareholders’ gains and losses
58,232,917.97
-3,385,437.53
VI. Earnings per share
（i）basic earnings per share
0.102
0.02
（ii）Diluted earnings per share
0.102
0.02
4.3 Cash Flow Statement（Domestic statement）
Prepared by Guangdong Electric Power Development Co., Ltd. March 31,2010 Unit：RMB
This period
Same period of last year
Items
Consolidation
Parent Company
Consolidation
Parent Company
I. Cash flows arising form operating activities:
Cash received from selling commodities and providing labor services
3,404,483,524.08
837,167,687.20
2,465,910,946.07
635,019,950.00
Net increase of customer deposit and interbank deposit
Net increase of loan form central bank
Net increase of capital borrowed from other financial institution
Cash received from original insurance contract fee
Net cash received from reinsurance business
9Insured savings and net increase of investment
Net increase of disposal of transaction financial assets
Cash received form interest, commission charge and commission
Net increase of capital borrowed
Net increase of returned business capital
Write-back of tax received
483,731.63
Other cash received concerning operating activities
23,181,921.28
5,443,789.39
610,191,850.33
1,143,924.43
Subtotal of cash inflow
3,428,149,176.99
842,611,476.59
3,076,102,796.40
636,163,874.43
Cash paid for purchasing commodities and receiving labor service
1,848,792,835.80
383,482,233.14
1,650,814,830.67
382,345,719.96
Net increase of customer loans and advances
Net increase of deposits in central bank and interbank
Cash paid for original insurance contract compensation
Cash paid for interest, commission charge and commission
Cash paid for bonus of guarantee slip
Cash paid to/for staff and worker
217,905,350.23
74,021,579.86
197,334,221.71
76,705,064.04
Taxes paid
300,086,882.90
100,242,725.38
137,573,307.91
58,098,914.72
Other cash paid concerning operating activities
67,921,365.65
27,581,941.22
65,780,517.67
16,704,647.94
Subtotal of cash outflow
2,434,706,434.58
585,328,479.60
2,051,502,877.96
533,854,346.66
Net cash flows arising form operating activities
993,442,742.41
257,282,996.99
1,024,599,918.44
102,309,527.77
II. Cash flows arising form investing activities
Cash received form recovering investment
Cash received form investment income
5,821,433.50
5,821,433.50
3,927,000.00
3,927,000.00
10Net cash received form disposal of fixed , intangible and other long-term assets
30,906.14
Net cash received from disposal of subsidiaries and other units
31,392.14
Other cash received concerning investing activities
1,303,779.80
262,061.97
Subtotal of sash inflow
7,156,605.44
5,852,339.64
4,189,061.97
3,927,000.00
Cash paid for purchasing fixed, intangible and other long-term assets
701,881,184.67
18,661,270.76
785,194,805.91
11,882,557.20
Cash paid for investment
38,030,000.00
514,270,000.00
504,810,000.00
504,800,000.00
Net increase of mortgaged loans
Net cash received from subsidiaries and other units
Other cash paid concerning investing activities
10,511,949.89
7,600.00
23,425,727.86
Subtotal of cash outflow
750,423,134.56
532,938,870.76
1,313,430,533.77
516,682,557.20
Net cash flows arising from investing activities
-743,266,529.12
-527,086,531.12
-1,309,241,471.80
-512,755,557.20
III. Cash flows arising from financing activities
Cash received from absorbing investment
Including：Cash received from absorbing minority shareholders’ investment by subsidiaries
Cash received from loans
2,890,885,421.21
800,000,000.00
1,865,000,000.00
690,000,000.00
Cash received from issuing bonds
Other cash received concerning financing activities
92,872.05
Subtotal of cash inflow
2,890,885,421.21
800,000,000.00
1,865,092,872.05
690,000,000.00
Cash paid form settling debts
2,630,715,785.96
600,000,000.00
1,342,000,000.00
320,000,000.00
Cash paid for dividend and profit distributing or interest paying
266,446,449.40
137,956,193.77
280,695,188.64
129,074,721.32
11Including：Dividend and profit of minority shareholder paid by subsidiaries
Other cash paid concerning financing activities
60,000.00
Subtotal of cash outflow
2,897,162,235.36
737,956,193.77
1,622,755,188.64
449,074,721.32
Net cash flows arising from financing activities
-6,276,814.15
62,043,806.23
242,337,683.41
240,925,278.68
IV. Influence on cash due to fluctuation in exchange rate
V.Net increase of cash and cash equivalents
243,899,399.14
-207,759,727.90
-42,303,869.95
-169,520,750.75
Add：Balance of cash and cash equivalents at the period -begin
1,738,834,186.47
287,691,521.23
1,652,319,052.00
271,387,002.72
VI. balance of cash and cash equivalents at the period-end.
1,982,733,585.61
79,931,793.33
1,610,015,182.05
101,866,251.97
4.4 Auditor’ report
Auditor’s opinions： Unaudited
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